Reliance Securities: Minda Industries’ Multiple Growth Drivers Justify Premium Valuation
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Reliance Securities Report
Minda Industries Ltd. is well-diversified auto ancillary company in Indian auto component space with strong presence in lighting, switching, horn and lightweight products segments for domestic as well as global original equipment manufacturers.
The company enjoys leadership in four-wheeler and two-wheeler switches segment with 55% and 65% market share, respectively.
It is also the leader in domestic horn segment with approximately 47% market share, while it has decent presence in lighting segment with approximately 22% market share.
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